The crisis meeting comes one week after the central bank decided to hold interest rates steady at 7.75%.

Tuesday's session has been called to "discuss recent developments and take the necessary policy measures for price stability," according to a statement on the bank's website.

Capital Economics emerging markets economist William Jackson said the central bank appears to be preparing to tighten monetary policy in order to shore up the lira.

Turkey has been among the hardest hit in the recent emerging market sell-off and Jackson says a lack of confidence in the country's central bank has been a big contributor.

Other emerging market currencies, including Argentina's peso and India's rupee, have also been hit by expectations that the Federal Reserve, Bank of England, and Bank of Japan will pull back on stimulus measures used to prop up their own economies.

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Such moves could lead to higher bond yields in developed markets, as well as stronger currencies.

Emerging markets have come to rely on global central banks to steady exchange rates so they can borrow aggressively to fund their economies.